Canadian Oil Sands rejects Suncor’s takeover bid

Canadian Oil Sands Ltd.’s (TSX: COS)(OTCQX: COSWF) board of directors has recommended that shareholders reject the offer by Suncor Energy Inc. to acquire all of Canadian Oil Sands' common shares.

The board stated that the Suncor bid undervalued Canadian Oil Sands and was not in the best interests of the company and its shareholders. The board also concluded that the offer undervalued the company’s ownership in Syncrude, the country’s biggest synthetic crude project. Reuters reported that Canadian Oil Sands has a 37% stake in Syncrude, while Suncor has a 12% interest.

Canadian Oil Sands’ financial advisor, RBC Capital Markets, has provided the board with a written opinion that the consideration offered by the Suncor bid is inadequate to shareholders from a financial point of view.


Did You Like this Article? Get All the Energy Industry News Delivered to Your Inbox

Subscribe to an email newsletter today at no cost and receive the latest news and information.

 Subscribe Now


The Time is Right for Optimum Reliability: Capital-Intensive Industries and Asset Performance Management

Imagine a plant that is no longer at risk of a random shutdown. Imagine not worrying about losing...

Going Digital: The New Normal in Oil & Gas

In this whitepaper you will learn how Keystone Engineering, ONGC, and Saipem are using software t...

Maximizing Operational Excellence

In a recent survey conducted by PennEnergy Research, 70% of surveyed energy industry professional...

Leveraging the Power of Information in the Energy Industry

Information Governance is about more than compliance. It’s about using your information to drive ...